Thus, First Metro explained that the current Middle East turmoil is a cost-push shock, not a global demand collapse. Food, it said, is the channel that turns an energy shock into a cost-of-living issue. Although food is not directly imported from the Middle East, energy imports affect food via transport and logistics, cold storage and processing and fertilizers linked to gas prices. The Middle East hosts the largest concentration of overseas Filipino workers and their remittances are a structural pillar of the Philippine economy. Scenario 3 outlines a prolonged disruption — from a logistics issue to a full-scale supply shock.

Source: Philippine Star March 10, 2026 16:42 UTC